IRA

The IRS has announced the postponement of certain tax-related deadlines for victims of Typhoon Halong until May 1, 2026.

The Pension Benefit Guarantee Corporation (PBGC) has updated its table titled, “Present Value of PBGC Maximum Guarantee,” to reflect applicable values for distributions with annuity starting dates during calendar year 2026.

Effective October 29, 2025, the prime interest rate was lowered from 7.25 percent to 7.00 percent.

The Internal Revenue Service has announced the postponement of certain tax-related deadlines for North Dakota and South Dakota victims of severe storms and flooding in Sisseton-Wahpeton Oyate located in Lake Traverse Reservation until February 2, 2026.

The Internal Revenue Service has released a draft 2025 tax year Publication 590-A, Contributions to Individual Retirement Arrangements (IRAs).

The Internal Revenue Service has issued an updated draft Form 5330, Return of Excise Taxes Related to Employee Benefit Plans.

The Federal Emergency Management Agency (FEMA) issued Major Disaster Declarations on October 22, 2025, for the following disasters. 

Alaska Severe Storms, Flooding, and Remnants of Typhoon Halong, for the incident period October 8, 2025 – October 13, 2025. 

North Dakota Severe Storms, Straight-line Winds, and Tornadoes, for the incident period August 7, 2025 – August 8, 2025. 

Leech Lake Band of Ojibwe Severe Storms and Straight-Line Winds, for the incident period June 21, 2025. 

Nebraska Severe Storms, Straight-line Winds, and Flooding, for the incident period August 8, 2025 – August 10, 2025. 

The Internal Revenue Service has provided reporting relief from the requirement to include a code “Y” on a 2025 Form 1099-R when reporting qualified charitable distributions from an IRA. The use of the new code for 2025 is now optional. Instructions for Forms 1099-R and 5498 indicated that use of the code in 2025 was required.

Senator Catherine Cortez Masto (D-NV) has introduced S. 2964, the Emergency Relief for Federal Contractors Act of 2025.

The Internal Revenue Service has issued Revenue Ruling 2025-21 which contains the applicable federal rates (AFR) for November 2025.